Welcome to the Fourth Quarter and Year-End 2017 Earnings Conference Call. My name is Sylvia and I’ll be your operator for today’s call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session [Operator instructions]. Please note that this conference is being recorded. I will now turn the call over to Dr. Ernest Bates. Dr. Bates, you may begin.

This is Craig Tagawa. Thank you, Sylvia, and thank you all for joining us for AMS’s fourth quarter and 2017 financial results conference call and webcast. Please note that various remarks that we may make on this conference call about future expectations, plans and prospects of the Company, constitute forward-looking statements for the purposes of Safe Harbor provisions under the Private Securities Litigation Reform Act of 1995. Actual results may vary materially from those indicated by these forward-looking statements as a result of various important factors, including those discussed in the Company’s filings with the Securities and Exchange Commission, including the Company’s annual report on Form 10-K for the year ended December 31, 2016, its quarterly reports on Form 10-Q for the three months ended March 31st, June 30th and September 30, 2017, and the definitive proxy statement for the Annual Meeting of Shareholders held on June 27, 2017. The Company assumes no obligation to update the information contained in this conference call. Alexis Wallace will review our financial results in detail in a moment. But first, I want to highlight the significant improvement in our operating performance for the fourth quarter of 2017 compared to the fourth quarter of 2016 and compared to the third quarter of 2017, which was affected -- unexpected slowdown in proton therapy treatment volume. We said on our last conference call that we expect the treatment volume at our proton therapy center at Orlando Health, U.S. Health Cancer Center to rebound in the fourth quarter and rebound. Treatment volume increased 18.3% to 1,205 fractions for the fourth quarter of 2017 compared to 1,019 fractions for the fourth quarter of 2016 and fourth quarter volume was up 28.2% compared to the 940 fractions performed in the third quarter of 2017. This is a solid quarter-over-quarter…

Thank you, Craig. For the three months ended December 31, 2017, rental income from medical services increased 0.5% to $5,084,000 compared to rental income from medical services of $5,060,000 for the fourth quarter 2016. Net income attributable to the Company for the fourth quarter 2017 was $1,418,000 or $0.24 per basic and diluted share. This includes an income tax benefit of $1,546,000 attributable to the revaluation of the Company's federal and state deferred tax liability, following recently enacted federal tax legislation and the full write-down the Company's investment in equity securities of $579,000. In compression with fourth quarter of 2016, net income attributable to the Company was $452,000 or $0.08 per diluted share. Fourth quarter revenue for the Company's proton therapy system installed in Orlando increased 29.3% to $1,168,000 compared to revenue of $903,000 for the first quarter of 2016 and increased 24.8% compared to the third quarter of 2017. Revenues for the Company's Gamma Knife operations decreased 8.9% to $3,697,000 for the fourth quarter of 2017 compared to $4,057,000 for the fourth quarter of 2016. As previously announced, AMS lost one of its Gamma Knife unit due to the expiration of its contract term at the end of April 2017 and a second unit in August 2017. As Craig mentioned, the decrease in revenue from these two sites was partially offset by revenue from two new sites in Peru and Nebraska that began operations in the third quarter 2017. Excluding the two sites whose contract expired in 2017 and the Company’s two new sites, Gamma Knife revenue for the fourth quarter of 2017 was consistent with the fourth quarter of 2016. Rental income from medical services gross margin for the fourth quarter of 2017 decreased $2,184,000 or 43% of revenue compared to rental income from medical services gross margin…

Thank you, Alexis. Sylvia, we are ready for the first question.

Thank you. We will now begin the question-and-answer session [Operator Instructions]. And the first question comes from Lenny Dunn from Mutual Trust Company.

Book value is very nice right now $5.23 and we're showing for a little over 50% of it in the open market. I attributed to lack of earnings growth. And I would hope that we're going to finally start seeing some proton being contract signed, because that's going to really make the earnings growth go. So are we getting closer than we were the last conference call to getting something signed?

As you know, we have been negotiating with several hospitals across the country and things are moving more promising, particularly for three hospitals and hopefully we will get signed-up within the year.

Would you think maybe by the next conference call we would have one of them signed or you think it's going to take longer than that?

I think a little bit longer than that. As you recall, part of the problem under our model is that the hospital need to provide the land and the construction, and they've had trouble coming up and getting financing. But I think we have now found funding service that will fund that for the hospital, so this is very promising and this has happened in the last month.

We don’t need to sign-up tenant, we can sign at least one very soon and then maybe a couple of more by the end of the year, but there is only so many that you could have though, if one time getting out. And it looks like Gamma Knife revenue is fairly steady and the Peru operation looks like that's going to continue to produce real revenue. So we shouldn’t have any problems with that but the growth is going to come from proton, as you all know. But the only other question I have and it's little bit of a disappoint it seems like the SG&A is higher than it’ll have to be still. Will that be under better control now?

Yes, I think it settling down now. We’ve had -- at the beginning in the year we had some significant costs of some organizational things that we had to take care of. So we had some significant legal expenses. And those are behind us. And we’re looking to be on a more consistent basis going forward, and we’re very cost conscious and we understand what you’re saying Lenny.

But certainly looking forward to as I hope for a while, at least seeing another proton beam contract signed, because obviously that’s where the growth will come from. And I am encouraged by your statement that you expected a relatively so, not necessarily by the next conference call.

We have no further questions at this time.

Okay. Well, I’d just like to thank everyone for joining us this afternoon. And we look forward to speaking with you on our first quarter conference call in May.

Well, I have nothing else to add to that other than we’re very encouraged about the future, things do look good going forward.

Thank you, ladies and gentlemen. This concludes today’s conference. Thank you for participating. You may now disconnect.